States
State volume cap calendar
Every 2026 and 2027 volume cap date we could verify on a state agency’s own publication — application windows, lotteries, set-aside expiries, reversion and carryforward deadlines — in date order, with the standing rules that recur each year.
Upcoming dates are in bold; past dates stay for reference. Add the upcoming dates to your calendar (.ics).
Dated milestones
| Date | State | Milestone | Agency |
|---|---|---|---|
| Missouri | 2026 allocation cycle opens — as published: January 1, 2026 | Missouri Department of Economic Development | |
| Illinois | Home rule units may not apply to the State; they manage their own cap — as published: January 2 - May 1, 2026 | Office of the Governor | |
| Illinois | Non-home rule units may request from the Local Government Pool (from 8:30 a.m.) — as published: January 3, 2026 | Office of the Governor | |
| Kentucky | KPABAC scheduled meeting for 2026 allocations — as published: 2026-01-13 | Kentucky Private Activity Bond Allocation Committee | |
| California | EXF/IDB Round 1 application deadline — as published: January 20, 2026 | California Debt Limit Allocation Committee | |
| South Carolina | 2026 first allocation period begins; SFAA meeting to consider authorized requests — as published: 2026-02-01 (period); 2026-02-03 (meeting) | South Carolina State Fiscal Accountability Authority | |
| Delaware | 2026 volume cap $397,625,000; State share $198,812,500 split DSHA $99,406,250 / DEDA $99,406,250 (Executive Order Number Seventeen) — as published: 2026 (order created 2026-02-11) | Governor of Delaware | |
| Michigan | 2026 Master Order signed — as published: February 20, 2026 | Michigan Department of Treasury, Bureau of State and Authority Finance | |
| California | EXF/IDB Round 1 awards (Committee meeting) — as published: March 3, 2026 | California Debt Limit Allocation Committee | |
| California | EXF/IDB Round 2 application deadline — as published: April 28, 2026 | California Debt Limit Allocation Committee | |
| Illinois | Home rule reservation cutoff; unreserved cap goes to the Governor's Office — as published: May 1, 2026 | Office of the Governor | |
| Illinois | Home rule mid-year report of cap granted, transferred or reserved — as published: by May 10, 2026 | Office of the Governor | |
| Illinois | Home Rule Pool reallocation opens; half available to home rule units under 2,000,000 (from 8:30 a.m.) — as published: June 1, 2026 | Office of the Governor | |
| Washington | 2026 state ceiling announced: $1,080,137,700 — as published: June 8, 2026 | Washington State Department of Commerce, Bond Cap Allocation Program | |
| California | EXF/IDB Round 2 awards (Committee meeting) — as published: June 22, 2026 | California Debt Limit Allocation Committee | |
| Minnesota | 2026 Unified Pool formed; up to $20 million reserved for Manufacturing Projects — as published: 2026-06-30 | Minnesota Management and Budget | |
| Minnesota | 2026 Small Issue Pool size $157,979,398; balance transferred to Unified Pool 07/01/2026 (report as of 10/26/2026) — as published: 2026-07-01 | Minnesota Management and Budget | |
| Virginia | Statutory test date: industrial allocations above 15% reduce the 2026 VHDA set-aside — as published: July 1, 2026 | Virginia Small Business Financing Authority | |
| Illinois | Remaining non-home rule cap reserved to the Governor's Office; Home Rule and Non-Home Rule Pools open to local units and state agencies (from 8:30 a.m.) — as published: July 15, 2026 | Office of the Governor | |
| South Carolina | 2026 second allocation period begins; SFAA meeting to consider authorized requests — as published: 2026-08-01 (period); 2026-08-18 (meeting) | South Carolina State Fiscal Accountability Authority | |
| California | EXF/IDB Round 3 application deadline — as published: August 18, 2026 | California Debt Limit Allocation Committee | |
| New York | IDA allocation status report due to ESD — as published: On or before September 15, 2026 | Empire State Development | |
| New York | ESD recaptures unused local allocations to the Statewide Bond Reserve — as published: September 15, 2026 | Empire State Development | |
| Michigan | Cap from unissued, expired or partly used allocations may be reallocated by the Treasurer — as published: After September 30, 2026 | Michigan Department of Treasury, Bureau of State and Authority Finance | |
| New York | ESD notifies each IDA of remaining allocation and earmarked projects — as published: On or about October 1, 2026 | Empire State Development | |
| Texas | 2027 lottery application window — as published: October 5 - 20, 2026 (5:00 PM CST on October 20) | Texas Bond Review Board | |
| California | EXF/IDB Round 3 awards (Committee meeting) — as published: October 6, 2026 | California Debt Limit Allocation Committee | |
| Utah | PAB Board meeting (agenda included adopting the 2027 meeting schedule) — as published: 2026-10-07 | Utah Private Activity Bond Authority Board, administered by the Utah Division of Housing & Community Development | |
| Michigan | MSF board meetings left in 2026 (9:00 a.m., MEDC Lansing office) — as published: October 27, 2026; December 15, 2026 (combined November/December) | Michigan Department of Treasury, Bureau of State and Authority Finance | |
| Massachusetts | EDIP application due (for December 16, 2026 EACC meeting) — as published: November 4, 2026, 5 p.m. | Massachusetts Executive Office for Administration and Finance | |
| California | EXF/IDB Round 4 application deadline — as published: November 10, 2026 | California Debt Limit Allocation Committee | |
| Texas | 2026 last day to issue a reservation — as published: November 13, 2026 | Texas Bond Review Board | |
| New York | Carryforward preliminary application due to ESD (small-issue industrial projects not eligible) — as published: November 15, 2026 | Empire State Development | |
| Texas | 2026 recycled cap designated for traditional carryforward — as published: November 15 - December 31, 2026 | Texas Bond Review Board | |
| Missouri | Last day to apply for 2026 cap — as published: Friday, November 20, 2026 (later applications are returned for resubmission in 2027) | Missouri Department of Economic Development | |
| California | EXF/IDB Round 4 awards (Committee meeting) — as published: December 9, 2026 | California Debt Limit Allocation Committee | |
| Texas | 2026 last day to submit closing documents, carryforward election letters and carryforward designation applications — as published: December 23, 2026 | Texas Bond Review Board | |
| Illinois | Latest expiry of home rule allocation letters — as published: December 27, 2026 | Office of the Governor | |
| Michigan | Allocations expire unless the order or the Treasurer provides otherwise — as published: December 31, 2026 | Michigan Department of Treasury, Bureau of State and Authority Finance | |
| Texas | 2026 Board may designate unencumbered state ceiling as carryforward — as published: December 31, 2026 | Texas Bond Review Board | |
| Texas | 2027 first day of program year — as published: January 4, 2027 | Texas Bond Review Board | |
| Massachusetts | EDIP application due (for March 24, 2027 EACC meeting) — as published: February 10, 2027, 5 p.m. | Massachusetts Executive Office for Administration and Finance | |
| Texas | 2027 deadline to file IRS Form 8328 for 2026 carryforward — as published: The earlier of close on 2026 carryforward or February 15, 2027 | Texas Bond Review Board | |
| Massachusetts | EDIP application due (for June 24, 2027 EACC meeting) — as published: May 12, 2027, 5 p.m. | Massachusetts Executive Office for Administration and Finance | |
| Texas | 2027 all sub-ceilings collapse — as published: August 16, 2027 | Texas Bond Review Board | |
| Texas | 2027 last day to issue a reservation — as published: November 15, 2027 | Texas Bond Review Board | |
| Texas | 2027 last day to submit closing documents and carryforward elections — as published: December 22, 2027 | Texas Bond Review Board |
Standing rules and recurring dates
| State | Rule | When |
|---|---|---|
| Arizona | Requests for the year's ceiling may be filed | First business day of the year (A.R.S. 35-904) |
| Arizona | Category requests without a confirmation expire; unused category ceiling pooled | 5:00 p.m. March 31 |
| Arizona | Pooled ceiling requests may be filed, first come first served | On or after April 1 |
| Arizona | Mortgage-category limit of $35,000,000 per confirmation and 60% of remaining ceiling to mortgage and rental projects (through July 31, 2030) | March 31 through July 31 |
| Arizona | $35,000,000 per-project limit for non-housing projects lifts | August 31 |
| Arizona | Carryforward notice of intent due to AFA | Before 5:00 p.m. December 15 |
| Arizona | Last day for confirmations and extensions in the pooled period | 5:00 p.m. December 16 |
| Arizona | Carryforward confirmations issued | December 17 |
| Arizona | Final extended issuance deadline; remaining ceiling allocated before January 1 | 5:00 p.m. December 26 |
| Arkansas | Statutory allocations (ADFA 60% incl. 33% industrial development; ASLA 10%; General Category 30%) apply until this date; unreserved ADFA/ASLA amounts then join the General Category (recurring annually) | September 1 (annual) |
| Arkansas | Applications may be filed no earlier than first business day of the year and no earlier than 60 days before expected issuance | First business day of calendar year (annual) |
| Arkansas | Reservation period: bonds must be issued within 60 days of acceptance, and no later than December 31 | December 31 (annual) |
| Arkansas | Carryforward application deadline | Last business day of the calendar year (annual) |
| Arkansas | Notice of carryforward determination to issuer | First business day in February, 4:30 p.m. CST (annual) |
| Connecticut | Enterprise Zone benefit application due to DECD | Before October 1 of the year the project is completed (annual) |
| Delaware | Unused city/county volume cap reverts to the State at year end | End of each calendar year (since 2020) |
| Florida | Economic Development Allocation Pool open | 1/1/2026 to 9/30/2026 |
| Florida | Deadline to file Notices of Intent for Secretary of Commerce priority order (annual) | May 1 |
| Florida | Secretary of Commerce sets confirmation order if requests exceed the pool (annual) | May 15 |
| Florida | Economic Development pool first-come, first-served period (annual) | June 1 - September 30 |
| Florida | Pending Economic Development pool requests rejected; pool dissolves into State Allocation Pool (annual) | September 30 / October 1 |
| Florida | State Allocation Pool open | 10/1/2026 to 11/30/2026 |
| Florida | Confirmations and State pool pending requests expire unless carryforward requested at least 3 business days before (annual) | November 30 |
| Florida | Carryforward Allocation Pool requests | 12/1/2026 to 12/15/2026 |
| Illinois | Confirmation of Bond Issuance (with IRS 8038) due after any issuance | within 10 calendar days of issuance |
| Indiana | Volume cap application deadline (Jan 2026 board) | 12/29/2025; board meeting 1/15/2026 |
| Indiana | Volume cap application deadline | 1/26/2026; board meeting 2/19/2026 |
| Indiana | Volume cap application deadline | 2/23/2026; board meeting 3/19/2026 |
| Indiana | Volume cap application deadline | 3/30/2026; board meeting 4/16/2026 |
| Indiana | Volume cap application deadline | 4/27/2026; board meeting 5/21/2026 |
| Indiana | Volume cap application deadline | 5/26/2026; board meeting 6/18/2026 |
| Indiana | July 2026 | No board meeting |
| Indiana | Volume cap application deadline | 7/27/2026; board meeting 8/20/2026 |
| Indiana | Volume cap application deadline | 8/31/2026; board meeting 9/17/2026 |
| Indiana | Volume cap application deadline | 9/28/2026; board meeting 10/15/2026 |
| Indiana | Volume cap application deadline | 10/26/2026; board meeting 11/19/2026 |
| Indiana | Volume cap application deadline | 11/30/2026; board meeting 12/17/2026 |
| Indiana | Volume cap application deadline (first 2027 board) | 12/28/2026; board meeting 1/28/2027 |
| Indiana | Notice of issuance due | Earlier of 90 days after award or the day before IFA's December board meeting |
| Indiana | Carryforward applications | Second Monday of January; decisions by the last Monday in January |
| Iowa | 3% of ceiling reserved for political subdivisions' own-use bonds; unallocated reserve joins general pool after June 30 | January 1 – June 30 (annual) |
| Iowa | Allocation valid 120 days from certification (plus one 30-day extension with purchase agreement) | 120 days after certification |
| Iowa | Allocation lapses unless bonds issued and delivered before December 24 (December 31 for 7C.11 bonds) | December 24 (annual) |
| Maine | Window in which unused state ceiling allocations may be reallocated among issuers by written agreement | September 1 – December 31 (annual) |
| Maryland | Initial statutory allocation period (each year) | January 1 through September 30 |
| Maryland | Issuer report to the Secretary, approved by bond counsel (each year) | September 15 |
| Maryland | Unused allocations revert to Secretary's reserve (each year) | October 1 |
| Maryland | Public-offering allocations with distributed preliminary official statement revert if bonds not issued by November 14 (each year) | November 15 |
| Maryland | Municipal reservations expire | 60th day after reservation without issuance (extendable for good cause), and in any case September 30 |
| Maryland | Copy of IRS Form 8038 information report to the Secretary | Earlier of 10 business days after issuance or December 30 |
| Massachusetts | A&F response to an allocation request (no response = denial) | Within 14 days of the request |
| Massachusetts | Issuer or bond counsel certifies closing and issue amount to A&F | Within 3 days after closing |
| Massachusetts | Earliest allocation of ceiling to carryforward projects | November 1 |
| Massachusetts | Latest expiration date for allocations granted in the year (unless extended or carried forward) | November 30 |
| Michigan | Notice of delivery (Form 4549) due to the State Treasurer after bonds are delivered | Within 10 days of delivery |
| Minnesota | $10,000,000 of small issue pool reserved for enterprise zone and manufacturing projects until the day after the last Monday in February (again for April and June) | Day after last Monday in February / April / June (annual) |
| Missouri | Allocation term | 60 days from the allocation letter; 30-day extension available |
| Missouri | Closing notice | Phone DED no later than the next business day; report of issuance within five calendar days |
| Missouri | Annual activity report | January 31 of the year after issuance |
| Montana | Local portion of volume cap expires; unallocated remainder reallocated without preference (MCA 17-5-1313) | first Monday in September (annual) |
| Montana | New/expanding industry abatement application deadline if not approved before construction (MCA 15-24-1402) | March 1 (annual) |
| North Carolina | Issuer must report in writing that the allocation was used, and the unused amount (recurring, per issue) | within ten business days after the bond issue |
| North Carolina | Each allocation carries a stated expiration date; unused portion reverts to statewide pool (04 NCAC 01H .0203) | per allocation letter (no fixed calendar date) |
| Ohio | Unconfirmed small issue, multifamily and exempt facility set-aside amounts move to the Director's pool (OAC 122-4-02) | last business day of July |
| Ohio | Carryforward notices of intent due (OAC 122-4-05) | before 5 p.m. on the second Thursday of December |
| Ohio | Set-aside confirmations lapse if bonds not issued (OAC 122-4-03) | 11:59 p.m., December 31 of the issuance year |
| Ohio | Notice of issuance for bonds closed at year end (OAC 122-4-03) | 5 p.m., January 15 of the following year |
| Ohio | Ohio Housing Finance Agency carryforward notice (OAC 122-4-05) | 5 p.m., January 20 of the following year |
| Oregon | PAB allocations available; small issue (manufacturing) approvals begin | January 2026 |
| Oregon | Exempt facility applications open; remaining PAB authority allocated as approved | March 2026 |
| Pennsylvania | PEDFA Board of Directors meetings (approve all PEDFA financings) | monthly |
| Pennsylvania | Preliminary allocation expires (12 Pa. Code 61.6) | 90 days after approval (180 days with PEDFA funding) or December 31, whichever is first |
| Pennsylvania | Final Allocation Request and IRS Form 8038 due (12 Pa. Code 61.6) | within 15 calendar days after closing |
| Tennessee | Commissioner announces the allocation system for the next calendar year (Rule 0500-02-03-.03) | Before January 1 each year |
| Tennessee | Annual PILOT lease report by companies leasing property from industrial development boards, filed with the Comptroller (copy to county assessor); $50 late fee | October 1 each year |
| Texas | 2027 lottery | Early to mid-November 2026 |
| Utah | Manufacturing volume cap must close or is relinquished to the Board | before the third Saturday in December (annual) |
| Vermont | Treasurer recommendations to Emergency Board on next year's allocation (32 V.S.A. 994) | December 1 (annual) |
| Vermont | Emergency Board apportions state ceiling (32 V.S.A. 992) | January 31 (annual) |
| Virginia | Industrial pool open, manufacturing projects only, first come first served (annual guideline dates) | January 1 - July 31 |
| Virginia | Deadline for exempt facility applications to enter the August 1 lottery (previous working day if it falls on a weekend) | July 31, 5:00 p.m. |
| Virginia | Pool opens to exempt facility projects, which take priority | August 1 |
| Virginia | Last day to apply, last day to issue bonds from industrial pool awards, and end of the set-aside | December 15 |
| Virginia | Unused allocation reported to DHCD for reallocation to the Virginia Housing Development Authority (VHDA) | December 20 - 31 |
| Washington | Earliest date to apply for a calendar year's ceiling (RCW 39.86.140) | No sooner than 90 days before the start of that calendar year |
| Washington | Unused category ceiling may be reallocated (RCW 39.86.150) | Beginning July 1 each year |
| Washington | Issuance deadline on certificate of allocation | Generally no later than December 15 of the allocation year |
| Washington | Notification of Issuance due to Commerce | Within 3 business days of bond closing |
| Washington | Year-end carryforward of unused ceiling | Before the end of each calendar year; carryforward usable within 3 years |
| West Virginia | Volume cap applications due for the following month's WVEDA Board meeting | 15th of each month |
| West Virginia | Approved allocations must close within 120 days or by December 31, else revert to statewide cap | December 31 (annual outer limit) |
| Wisconsin | Application window (2026 guidelines) | Continuous application process |
| Wisconsin | Deposit trigger | Bonds not sold within 30 days of certification or by December 1, whichever comes first, require a deposit |
| Wisconsin | Late-year requests | Allocations requested on or after October 1 carry a 1.0% deposit instead of 0.5% |
| Wisconsin | Notice of closing | Within five business days after the bond closing |
Issuer board meetings ahead
Source: issuer websites.
Important information. Securitief Research is published by Securitief, operated by Applied America. Securitief is not a placement agent or underwriter and does not seek or receive compensation from any financing, including financings of issuers and borrowers discussed here. It is not acting as a municipal advisor and owes no fiduciary duty to any issuer or obligated person unless separately engaged in writing.
This material is general information. It is not tax, legal, investment or municipal advice, a recommendation, or an offer to sell or a solicitation of an offer to buy any security. Offers are made only by offering documents and only where permitted by state securities laws. State allocation procedures change; confirm current rules with the allocating agency and bond counsel.
Sources: SEC Form N-PORT and FDIC call reports (holdings), IRS and Census (volume cap and population), state agency publications. Issuer classification and aggregation are Securitief’s own and may contain matching errors; figures may be revised. No licensed index levels (MMD, BVAL, ICE) or EMMA trade data are used. Past holdings do not indicate future demand, pricing or the availability of financing. Interest on private activity bonds may be subject to the alternative minimum tax; tax treatment depends on the facts and the opinion of bond counsel.